FROM THE 41ST FLOOR CONFERENCE ROOM AT THE TOP OF AMERICAN INTERNATIONAL Group headquarters near Wall Street, the morning fog is lifting over the East River bridges, bringing Manhattan and Brooklyn into full view. Robert Benmosches vision extends a good deal further.
In his three years at the helm of the giant insurer dubbed the most hated company in Americaafter its near-collapse triggered an unprecedented government bailout in 2008 Benmosche has orchestrated arguably the greatest turnaround in corporate history. With a take-no-prisoners leadership style, he restored morale at the beleaguered company and convinced employees, clients and the government that AIG had a future. Benmosche then sold off more than two dozen businesses, shrinking AIG to roughly two thirds of its precrisis size and raising enough money to repay every penny of the $182.3 billion in federal aid it received and deliver $15.1 billion in profits to taxpayers. Today the companys core life and general insurance businesses are operating profitably for the first time in years, and AIG looks set to return fully to the private sector within months.
AIG CEO ROBERT BENMOSCHE; PHOTO BY SARAH MCCOLGAN
Now Benmosche is looking to grow AIG again. His executives are employing the latest data and analytics to boost profits at the groups property/casualty insurance arm and devising new products to help its life insurance and retirement services subsidiaries prosper in spite of todays record-low interest rates. AIGs transformation has already seized the attention of investors, who have made it the second most valuable insurer in the world behind China Life Insurance Co., and Benmosche is confident that the company will soon regain its longtime perch at the top of the industry. ....